Equipment was acquired at the beginning of the year at a cost of $79,560. The equipment was depreciated using the straig

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Equipment Was Acquired At The Beginning Of The Year At A Cost Of 79 560 The Equipment Was Depreciated Using The Straig 1 (27.43 KiB) Viewed 8 times

Equipment was acquired at the beginning of the year at a cost of $79,560. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,560. a. Compute the depreciation expense for the first year. b. Assuming the equipment was sold at the end of the second year for $60,000, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.